Neyer Properties Inc. purchased the former Oldenberg Brewing Co. festival hall and offices, located in Fort Mitchell, for $2.25 million.

The Evanston-based real estate company plans to demolish the existing great hall to reposition the six-acre site for development.

“It’s always been a good location,” Dan Neyer, president and CEO of Neyer Properties, told me. The problem has been figuring out what to do with the existing building on the site.

Demolishing the great hall and an adjacent office building but keeping the existing 7,000-square-foot Montgomery Inn restaurant is the best use of the property, Neyer said. The great hall is scheduled to be demolished at the start of October, opening up visibility to the rest of the site. The restaurant will remain open during demolition.

Located at 400 Buttermilk Pike, the property has been rebranded Buttermilk Square.

The new plan for the property will include a total of 70,000 square feet of space, with 50,000 square feet devoted to medical/office space, plus additional retail to complement the existing restaurant. He hopes to start construction in the summer of 2014, depending on demand from tenants. He’s currently having discussions with potential users.

“We expect medical office to continue to expand and grow, and that’s an under served area for medical,” Neyer said.

The area also is under served on the retail side, Neyer said, with great residential density on the southeast side of Interstate 71/75.

Neyer also is working with the city of Fort Mitchell and the developers of the Drawbridge Hotel and Convention Center, better known as the Drawbridge Inn, to improve nearby infrastructure. Back in June, Bellevue-based Brandicorp LLC announced plans to acquire the 16-acre site along I-71/75 in Fort Mitchell.

Neyer said he’s in discussions with the Drawbridge Inn developers about improving visibility and access to that site.